James McGrath (Queensland, Liberal National Party, Assistant Minister to the Prime Minister) Share this | Hansard source

The government opposes this inquiry because the government has taken and continues to take strong action to improve consumer outcomes in the financial services sector by: commissioning the Financial System Inquiry and implementing its recommendations; developing legislation to address misaligned incentive structures and to lift professional standards of financial advisers; strengthening the Australian Securities and Investments Commission with a $120 million funding package; and commissioning a review of the external dispute resolution schemes in the financial sector, to deliver a one-stop shop and a review of small business lending practices. The government notes that on 14 September 2016 the Senate referred an inquiry into the life insurance industry to the Parliamentary Joint Committee on Corporations and Financial Services for report by mid-2017.